PHILADELPHIA, June 03, 2025 (GLOBE NEWSWIRE) -- Berger Montague advises shareholders of Coinbase Global, Inc. (“Coinbase” or the “Company”) (NASDAQ: COIN) about an investigation into Coinbase’s Board of Directors for potential breaches of fiduciary duties to Coinbase and its shareholders in connection with a data breach and cyberattack disclosed by the Company on May 15, 2025. Shareholders of COINBASE may learn more about this investigation by contacting Berger Montague: Radha Raghavan at rraghavan@bm.net o ...

Coinbase reportedly knew in January about a data breach at an outsourcing company that it publicly disclosed May 14 in a filing with the Securities and Exchange Commission (SEC).The cryptocurrency exchange was notified immediately when an India-based employee of the outsourcing company was caught taking photos of data on her work computer, Reuters reported Monday (June 2), citing unnamed sources.Coinbase said in its SEC filing that it knew contactors accessed data they didn’t need for business reasons in “p ...

SAN FRANCISCO, May 29, 2025 /PRNewswire/ -- On May 15, 2025, investors in Coinbase Global, Inc. (NASDAQ: COIN) saw the price of their shares slide about 7% after the company announced that it experienced a material cybersecurity incident, raising questions about the adequacy of its internal controls and disclosure processes.Hagens Berman has opened an investigation into possible securities law violations and urges Coinbase  investors who suffered substantial losses to submit your losses now. The firm also e ...

Crypto-focused fintechs have gained momentum in the backdrop of easing regulatory control to accelerate crypto adoption (including institutional) as well as integrating artificial intelligence (AI) and blockchain technology. In this context, let’s find out which of these two companies is better poised, Coinbase (COIN) or Block Inc. (XYZ) . Stablecoins, which bridge the gap between traditional finance and the crypto space, are gaining importance in shaping the digital financial system. In fact, major banks a ...

报告公司投资评级 - 买入 [1] 报告的核心观点 - 对Coinbase长期增长潜力持乐观态度，增长驱动力包括被纳入标普500指数带来的资金红利、美国政策支持下的市场扩张以及非交易业务的多元化发展 [4][44] - 上调目标价至305.00美元/股，对应10.9xPS，比前一个收盘价高出15.90%，维持买入评级 [4][44] 报告相关目录总结 主要资料 - 行业为金融服务，股价263.16美元，目标价305.00美元，股票代码COIN.O，已发行股本2.55亿股，总市值670.28亿美元，52周高/低为349.75美元/142.58美元，每股账面价41.12美元 [2] - 主要股东包括Brian Armstrong（10.59%）、THE VANGUARD GROUP Inc.（7.58%）、Frederick Ehrsam（5.91%）、Blackrock, Inc.（4.82%）、State Street（2.86%） [2] 盈利摘要 |财政年度|2023|2024|2025E|2026E|2027E| | ---- | ---- | ---- | ---- | ---- | ---- | |收入（百万美元）|3,109|6,564|7,106|7,915|8,255| |同比增长|-2.69%|111.16%|8.26%|11.38%|4.30%| |净利润（百万美元）|95|2,579|1,369|1,952|2,025| |同比增长|103.61%|2618.81%|-46.92%|42.58%|3.73%| |每股收益（调整后）|0.37|9.48|4.92|7.09|7.36| |同比增长|103.13%|2462.16%|-48.13%|44.17%|3.78%| |市销率（263.16美元）|21.5|10.2|9.4|8.4|8.1|[3] 25Q1财报回顾 - 总营收20.34亿美元，受交易收入下滑影响，但订阅与服务收入创历史新高，达6.98亿美元，由稳定币USDC收入驱动 [4][9] - 以29亿美元收购Deribit，填补衍生品交易市场产品线空白，快速获取市场份额 [4][9] - 在稳定币USDC方面显著增长，市值创历史新高，达600亿美元，平台USDC余额达120亿美元，还推出链上借贷产品和B2B支付试点，通过收购增强Base链功能 [4][9] - 美国法院驳回SEC对Coinbase的诉讼，五个州解除质押业务限制，推动其逐步恢复美国市场质押服务，美国国会两党支持稳定币和加密市场结构立法，CFTC批准BTC/ETH期货的24/7交易 [4][9] 25Q2指引 - 宏观不确定性或导致交易市场疲软，预计订阅与服务收入降至6.00 - 6.80亿美元，受ETH和SOL价格下跌影响，预计稳定币收入将会增长 [4][7] 从边缘到主流的转折点 - Coinbase成为首家被纳入标普500的加密公司，权重占比0.1%，被动资金流入或改善股票流动性 [4] 核心财务表现 - 总营收20.34亿美元（qoq - 10.45%，yoy + 24.23%），交易收入12.62亿美元（qoq - 18.88%，yoy + 17.23%），零售交易量环比下降17.02%，机构交易量环比下降8.70% [9] - 订阅与服务收入创历史新高，达6.98亿美元（qoq + 8.89%），稳定币USDC收入qoq - 32.51%，yoy + 50.80%至2.98亿美元 [9] - 调整后EBITDA为9.30亿美元，调整后净收入（首次引入）为5.27亿美元 [9] 费用与支出 - 运营总费用13.28亿美元（qoq + 7.35%），主要因市场做市活动增加和加密资产运营亏损 [9] - 技术研发及行政费用和营销支出可根据市场波动动态调整，25Q2预计分别为7.00 - 7.50亿美元和2.15 - 3.15亿美元 [9] 核心业务强化 交易平台扩展 - 现货与衍生品交易市占率提升，25Q1衍生品交易量超8000亿美元，全年目标持平 [9] - Deribit收购交易金额29亿美元（现金 + 股权），预计2025年完成收购，2026年启动整合，美国市场需重新构建合规期权产品，短期内无法直接引入现有Deribit服务 [9] 稳定币USDC - 市值在25Q1创历史新高，达600亿美元，Coinbase平台USDC余额达120亿美元（qoq + 49.00%） [9] - 与Binance等链外平台分享50%收益，通过扩大USDC应用场景提升网络效应 [9] 新兴产品与创新 - 链上借贷产品规模达1.6亿美元，通过Base链手续费及USDC分润间接盈利，无直接信用风险 [9] - B2B支付试点基于自有基础设施开发，25Q2启动企业客户接入，盈利依赖USDC链上沉淀及生态收入 [9] - 通过收购Spindl和Iron Fish增强Base链功能，探索早期创新产品 [9] 监管与政策进展 - 美国法院驳回SEC诉讼，五个州解除质押业务限制，推动Coinbase逐步恢复美国市场质押服务 [9] - 推动两党支持稳定币及加密市场结构立法，CFTC批准BTC/ETH期货24/7交易，为永续合约铺路 [9] 收购Deribit原因 - 填补产品线空白，快速获取市场份额，整合现货、期货、永续合约和期权，形成一站式交易平台，直接获得其在非美市场的衍生品主导权 [41] - 应对合规与增长瓶颈，借助Coinbase的合规能力拓展全球市场，Coinbase可为Deribit提供合规框架，加速衍生品业务合法化 [41] 战略协同 - Deribit用户覆盖160个国家，持有迪拜VARA牌照，助力Coinbase拓展中东、亚洲等新兴市场 [42] - 计划2026年初完成系统整合，最终提供统一交易界面，降低用户跨产品交易成本，增强粘性 [42] 盈利预测与估值 - 被纳入标普500指数，象征加密行业地位提升，美国政策支持加密行业，Coinbase占据美国市场66%份额，是主要受益者 [44] - 虽面临竞争，但通过“本土化优势”巩固地位 [44] 主要财务报表 利润表 |财政年度|2023|2024|2025E|2026E|2027E| | ---- | ---- | ---- | ---- | ---- | ---- | |收入（百万美元）|3,109|6,564|7,106|7,915|8,255| |交易费用|421|898|900|1,154|1,039| |技术与开发费用|1,325|1,468|1,521|1,582|1,614| |销售与营销费用|332|654|715|837|962| |一般与行政费用|1,074|1,300|1,529|1,712|1,918| |运营（亏损）收入|-162|2,307|2,373|2,516|2,608| |总运营费用|3,270|4,257|4,733|5,399|5,647| |（亏损）税前收入|-77|2,943|1,723|2,463|2,555| |所得税收益|-172|364|354|511|531| |净利润（亏损）|95|2,579|1,369|1,952|2,025| |综合收益（亏损）|103|2,559|1,401|1,984|2,057| |折旧与摊销|140|128|133|133|133| |利息费用|83|81|82|82|82| |调整后EBITDA|978|3,348|2,887|3,627|3,719| |总收入增长率（%）|-2.7%|111.2%|8.3%|11.4%|4.3%| |调整后EBITDA利润率（%）|31.5%|51.0%|40.6%|45.8%|45.1%|[46] 资产负债表 |财政年度|2023|2024|2025E|2026E|2027E| | ---- | ---- | ---- | ---- | ---- | ---- | |现金及现金等价物|5,139|8,544|10,010|12,017|14,114| |客户托管资金|4,571|6,159|8,011|8,774|8,618| |客户加密资产|192,583|0|0|0|0| |贷款应收款|183|475|475|475|475| |应收账款净额|168|265|340|457|557| |其他流动资产|213|278|278|278|278| |流动资产总额|203,586|18,113|21,334|24,049|25,918| |用于投资的加密资产|331|1,553|1,553|1,553|1,553| |物业与设备净额|0|200|200|200|200| |无形资产净额|0|47|47|47|47| |其他非流动资产|717|548|548|548|548| |资产总额|206,983|22,542|25,763|28,479|30,347| |应付客户托管资金|4,571|6,159|8,011|8,774|8,618| |客户加密负债|192,583|0|0|0|0| |应付账款|39|63|63|63|63| |其他流动负债|0|0|0|0|0| |流动负债总额|197,714|7,941|9,793|10,557|10,401| |长期债务|2,980|4,234|4,234|4,234|4,234| |租赁负债非流动及其他|7|90|90|90|90| |负债总额|200,701|12,265|14,117|14,881|14,725| |留存收益|1,820|4,961|6,330|8,282|10,307| |股东权益总额|6,282|10,277|11,646|13,598|15,623| |负债与股东权益总额|206,983|22,542|25,763|28,479|30,347| |运营资产|5,872|10,171|11,540|13,492|15,517|[46] 财务分析 盈利能力 |财政年度|2023|2024|2025E|2026E|2027E| | ---- | ---- | ---- | ---- | ---- | ---- | |运营利润率（%）|-5.2%|35.1%|33.4%|31.8%|31.6%| |调整后EBITDA利润率（%）|31.5%|51.0%|40.6%|45.8%|45.1%| |净利润率（%）|3.1%|39.3%|19.3%|24.7%|24.5%|[47] 运营表现 |财政年度|2023|2024|2025E|2026E|2027E| | ---- | ---- | ---- | ---- | ---- | ---- | |交易费用率（%）|13.5%|13.7%|12.7%|14.6%|12.6%| |技术与开发费用率（%）|42.6%|22.4%|21.4%|20.0%|19.5%| |销售与营销费用率（%）|10.7%|10.0%|9.4%|10.6%|11.7%| |有效税率（%）|223.4%|12.4%|20.5%|20.8%|20.8%|[47] 财务状况 |财政年度|2023|2024|2025E|2026E|2027E| | ---- | ---- | ---- | ---- | ---- | ---- | |总负债/总资产|0.97|0.54|0.55|0.52|0.49| |收入/净资产|0.49|0.64|0.61|0.58|0.53| |运营现金流/收入|0.30|0.39|0.33|0.36|0.36|[47] 现金流量表 |财政年度|2023|2024|2025E|2026E|2027E| | ---- | ---- | ---- | ---- | ---- | ---- | |净利润（亏损）|95|2,579|1,369|1,952|2,025| |股份支付费用|865|913|813|913|813| |递延所得税|-216|151|0|0|0| |加密资产实现（收益）损失|-146|-759|0|0|0| |作为收入收到的加密资产|-461|0|0|0|0| |用于支付费用的加密资产|298|0|0|0|0| |USDC|255|-450|0|0|0| |其他运营活动|233|122|58|17|33| |运营现金流|923|2,557|2,340|2,882|2,971| |资本化内部使用软件开发|-63|0|0|0|0| |持有的加密资产变化|141|0|0|0|0| |其他投资活动|-72|-282|0|0|0| |投资现金流|5|-283|0|0|0| |行使股票期权发行普通股|48|2,226|-913|-913|-913| |回购股权奖励支付的现金|-556|602|0|0

SAN FRANCISCO, May 23, 2025 (GLOBE NEWSWIRE) -- On May 15, 2025, investors in Coinbase Global, Inc. (NASDAQ: COIN) saw the price of their shares slide about 7% after the company announced that it experienced a material cybersecurity incident, raising questions about the adequacy of its internal controls and disclosure processes. Hagens Berman has opened an investigation into possible securities law violations and urges Coinbase investors who suffered substantial losses to submit your losses now. The firm al ...

In Brief Coinbase said at least 69,461 customers had personal and financial information stolen during a months-long data breach that it disclosed last week.The crypto giant confirmed the number of affected customers in a filing with Maine’s attorney general on Wednesday, as required by the state’s data breach notification law.  Coinbase’s filing said the breach dates back to December 26, 2024, and continued until earlier this month, when the company said it received a “credible” ransom note from the hacker ...

When I first wrote about Coinbase ( COIN ) last October , I naively maintained a ‘hold’ position given the market premium. Coinbase is the only pure-play crypto stock, so naturally investors will buy Coinbase because no other alternative isAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Short position through short-selling of the stock, or purchase of put options or similar derivatives in COIN over the next 72 h ...

Robinhood, Nu, and Coinbase are all great long-term investments.Many financial stocks endured wild swings over the past few years as interest rates spiked and fell. Rising rates throttled economic growth and drove many investors away from stocks, cryptocurrencies, and other riskier investments. While higher rates helped banks and other lenders collect higher interest payments, they also caused individuals and businesses to take out fewer loans.But over the long term, many financial stocks should continue to ...

Coinbase disclosed that the cybersecurity incident it reported Thursday (May 15) could cost it as much as $400 million.The company’s investigation into the incident is still underway, so the full impact of the cyberattack is not yet known, Coinbase said in a filing with the Securities and Exchange Commission (SEC).“Based on the information available to the Company on the date hereof and based on facts that continue to evolve, the Company has preliminarily estimated expenses to be within the range of approxi ...